Amendment status not verified — confirm the current text below against the official source.
(1) The Board or any Committee appointed by it shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be provided by the regulations made by the Corporation under this Act. 1[(2) If for any reason, the Chairman is unable to attend any meeting of the Board, the Vice-Chairman, and in his absence,any other director, elected by the directors present at the meeting shall preside at the meeting.] (3) Five directors shall form a quorum for the meetings of the Board: Provided that no quorum shall be necessary for adjourned meetings. (4) All questions which come up before any meeting of the Board shall be decided by a majority of votes of the directors present and voting and in the event of an equality of votes, the Chairman, or in his absence, the director presiding, shall have and exercise a second or casting vote.